Piper Jaffray Companies Reaffirms Hold Rating for OFG Bancorp (OFG)

OFG Bancorp (NYSE:OFG)‘s stock had its “hold” rating reaffirmed by stock analysts at Piper Jaffray Companies in a research report issued on Friday, October 6th. They presently have a $11.50 price objective on the bank’s stock. Piper Jaffray Companies’ price objective would suggest a potential upside of 35.29% from the company’s previous close.

Other research analysts also recently issued research reports about the company. ValuEngine downgraded OFG Bancorp from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 17th. BidaskClub cut OFG Bancorp from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 19th.

OFG Bancorp (NYSE:OFG) opened at 8.50 on Friday. OFG Bancorp has a 1-year low of $8.25 and a 1-year high of $14.48. The firm has a 50 day moving average of $8.95 and a 200 day moving average of $9.89. The firm has a market cap of $373.55 million, a P/E ratio of 7.70 and a beta of 1.52.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Friday, July 21st. The bank reported $0.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.04. OFG Bancorp had a return on equity of 8.36% and a net margin of 14.58%. The firm had revenue of $100.45 million during the quarter, compared to the consensus estimate of $90.95 million. During the same quarter in the previous year, the company posted $0.25 earnings per share. On average, equities research analysts expect that OFG Bancorp will post $1.12 EPS for the current year.

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Several large investors have recently added to or reduced their stakes in the business. Stilwell Value LLC raised its holdings in shares of OFG Bancorp by 961.5% in the 2nd quarter. Stilwell Value LLC now owns 13,289,640 shares of the bank’s stock valued at $13,290,000 after acquiring an additional 12,037,639 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in OFG Bancorp during the 2nd quarter worth approximately $127,000. Schneider Capital Management Corp grew its position in OFG Bancorp by 63.9% during the 2nd quarter. Schneider Capital Management Corp now owns 453,706 shares of the bank’s stock worth $4,537,000 after acquiring an additional 176,958 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in OFG Bancorp by 4.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,499 shares of the bank’s stock worth $354,000 after acquiring an additional 1,641 shares during the last quarter. Finally, Numeric Investors LLC lifted its holdings in OFG Bancorp by 2.8% in the 2nd quarter. Numeric Investors LLC now owns 1,621,818 shares of the bank’s stock worth $16,218,000 after buying an additional 44,700 shares during the period. 97.00% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Company Profile

OFG Bancorp is a financial holding company. The Company is engaged in providing banking and financial services through its subsidiaries. The Company operates through three segments: Banking, Wealth Management and Treasury. The Company provides banking and financial services to its clients through a range of banking and financial solutions, including commercial, consumer, auto, and mortgage lending; checking and savings accounts; financial planning, insurance, financial service, and investment brokerage, and corporate and individual trust and retirement services.

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